SpaceX reported its Q2 earnings on August 4th, 2026, and since I had already been working on an article about SpaceX, I saw this as an opportunity to extend my original piece with the new data from that report, both from the earnings call and the earnings release (together with any other public data out there).
In this article, I will talk solely about its AI Segment. While SpaceX is, in origin, a space related company, its AI Segment can reveal a lot about the bad habits of the AI industry: how AI Revenue is counted, what’s hidden in CIP, where all these Nvidia GPUs that everyone says are in short supply actually are (?!), and how SpaceX is doing so well deploying 0.4GW of “nameplate compute” in just the last quarter, while Elon promises more than 10GW by the end of 2027 (!): “But I would expect that we still probably have, at the PowerPoint level, something close to 15 gigawatts.” PowerPoint level, or warehouse level? We will dig in to find the answers.
It’s not just me ignoring the Space and connectivity related revenue (even though connectivity is the segment that actually brings in the money), it’s SpaceX itself, and Elon himself. SpaceX mentioned AI far more than Space on the earnings call, and three times more than “Space” in the earnings report itself.
I have a few topics I would like to discuss in this article, and I’ll go through them in no particular order. Hope it isn’t too messy:
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